EUR/USD tumbles after Fed meeting
The EUR/USD recovery was undermined after yesterday’s hawkish Federal Reserve meeting, with the dollar gaining ground across the board. That potential failure to create a new higher high could prove costly, should we see a move back below $1.1837.
That would not only confirm the lower high, but also complete a lower low, bringing a bearish outlook for the pair. For now, the consolidation we are seeing looks likely to resolve with another move back to the downside. However, should that occur, $1.1837 remains the key level to watch.